CFSEA executive director Chris Christie said the program will help direct money directly to groups who are making a difference in their communities.
“Local organizations know the issues in their local area and the solutions are from those organizations,” said Christie. “But, the federal government recognizes that they need help in developing a good solid business plan, marketing plan.”
The first round of applications opened on January 8 and will feature $18.8 million in funding available to these organizations across Canada, with $177,000 earmarked for southern Alberta’s two chapters.
Craig Wood, executive director with REDI Enterprises in Medicine Hat, was one of close to a dozen people taking in the session and said the program aligns well with their initiatives.
“REDI has been doing it since 1952,” said Wood. “It’s a really important part of what we do and it makes a lot of good sense. It’s a win-win where you’re generating profits, giving back to the community, doing something important, and then also sustaining yourself locally for the services you provide.”
Locals will have until February 10 to place their applications for the funding, however future rounds of applications have been planned for the spring and fall.
“I certainly have a lot of things going on in my mind right now of different opportunities,” said Wood. “Short timelines, so I’m glad there’s going to be a couple of different rounds because getting things together in a short time may be a bit of a challenge.”
The grant money must be used strictly for the promotion of social initiatives rather than operating expenses, however Wood said if selected it would be a big boost to areas of marketing they haven’t been able to tap into before.
“We don’t have the extra money to do the extras like a business plan or a marketing plan,” he said. “So, this gives you that seed money to do it and do it well, and it gives you a better chance of being successful down the road.”
Many of the groups in attendance on Tuesday don’t rely on corporate funding, instead paying the bills through fundraising and acquiring these types of grants.
Christie said the goal of the program is to get these non-profits and small businesses to the point where they can sustain themselves through private funding.
“Our hope is that by helping organizations develop good business plans and get proper footing for their social enterprise, that down the road if they need to expand or branch out in a different area, that they can attract private investment as opposed to applying for government grants and local funding,” said Christie.
Anyone interested in applying for the Investment Readiness Program is encouraged to visit irp-ppi.ca to find out more information.
TORONTO – Canada’s main stock index was down more than 200 points in late-morning trading, weighed down by losses in the technology, base metal and energy sectors, while U.S. stock markets also fell.
The S&P/TSX composite index was down 239.24 points at 22,749.04.
In New York, the Dow Jones industrial average was down 312.36 points at 40,443.39. The S&P 500 index was down 80.94 points at 5,422.47, while the Nasdaq composite was down 380.17 points at 16,747.49.
The Canadian dollar traded for 73.80 cents US compared with 74.00 cents US on Thursday.
The October crude oil contract was down US$1.07 at US$68.08 per barrel and the October natural gas contract was up less than a penny at US$2.26 per mmBTU.
The December gold contract was down US$2.10 at US$2,541.00 an ounce and the December copper contract was down four cents at US$4.10 a pound.
This report by The Canadian Press was first published Sept. 6, 2024.
TORONTO – Canada’s main stock index was up more than 150 points in late-morning trading, helped by strength in technology, financial and energy stocks, while U.S. stock markets also pushed higher.
The S&P/TSX composite index was up 171.41 points at 23,298.39.
In New York, the Dow Jones industrial average was up 278.37 points at 41,369.79. The S&P 500 index was up 38.17 points at 5,630.35, while the Nasdaq composite was up 177.15 points at 17,733.18.
The Canadian dollar traded for 74.19 cents US compared with 74.23 cents US on Wednesday.
The October crude oil contract was up US$1.75 at US$76.27 per barrel and the October natural gas contract was up less than a penny at US$2.10 per mmBTU.
The December gold contract was up US$18.70 at US$2,556.50 an ounce and the December copper contract was down less than a penny at US$4.22 a pound.
This report by The Canadian Press was first published Aug. 29, 2024.
The crypto market has recently experienced a significant downturn, mirroring broader risk asset sell-offs. Over the past week, Bitcoin’s price dropped by 24%, reaching $53,000, while Ethereum plummeted nearly a third to $2,340. Major altcoins also suffered, with Cardano down 27.7%, Solana 36.2%, Dogecoin 34.6%, XRP 23.1%, Shiba Inu 30.1%, and BNB 25.7%.
The severe downturn in the crypto market appears to be part of a broader flight to safety, triggered by disappointing economic data. A worse-than-expected unemployment report on Friday marked the beginning of a technical recession, as defined by the Sahm Rule. This rule identifies a recession when the three-month average unemployment rate rises by at least half a percentage point from its lowest point in the past year.
Friday’s figures met this threshold, signaling an abrupt economic downshift. Consequently, investors sought safer assets, leading to declines in major stock indices: the S&P 500 dropped 2%, the Nasdaq 2.5%, and the Dow 1.5%. This trend continued into Monday with further sell-offs overseas.
The crypto market’s rapid decline raises questions about its role as either a speculative asset or a hedge against inflation and recession. Despite hopes that crypto could act as a risk hedge, the recent crash suggests it remains a speculative investment.
Since the downturn, the crypto market has seen its largest three-day sell-off in nearly a year, losing over $500 billion in market value. According to CoinGlass data, this bloodbath wiped out more than $1 billion in leveraged positions within the last 24 hours, including $365 million in Bitcoin and $348 million in Ether.
Khushboo Khullar of Lightning Ventures, speaking to Bloomberg, argued that the crypto sell-off is part of a broader liquidity panic as traders rush to cover margin calls. Khullar views this as a temporary sell-off, presenting a potential buying opportunity.
Josh Gilbert, an eToro market analyst, supports Khullar’s perspective, suggesting that the expected Federal Reserve rate cuts could benefit crypto assets. “Crypto assets have sold off, but many investors will see an opportunity. We see Federal Reserve rate cuts, which are now likely to come sharper than expected, as hugely positive for crypto assets,” Gilbert told Coindesk.
Despite the recent volatility, crypto continues to make strides toward mainstream acceptance. Notably, Morgan Stanley will allow its advisors to offer Bitcoin ETFs starting Wednesday. This follows more than half a year after the introduction of the first Bitcoin ETF. The investment bank will enable over 15,000 of its financial advisors to sell BlackRock’s IBIT and Fidelity’s FBTC. This move is seen as a significant step toward the “mainstreamization” of crypto, given the lengthy regulatory and company processes in major investment banks.
The recent crypto market downturn highlights its volatility and the broader economic concerns affecting all risk assets. While some analysts see the current situation as a temporary sell-off and a buying opportunity, others caution against the speculative nature of crypto. As the market evolves, its role as a mainstream alternative asset continues to grow, marked by increasing institutional acceptance and new investment opportunities.
